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Some 75% of Fortune 500 companies have captive insurance companies, but a key challenge has always been efficiently reinsuring captives’ risks, with the options mostly limited to Lloyd’s of London or reinsurers based in Bermuda. Now the New York State Insurance Department, in an initiative promoted by Gov. David Paterson, hopes to change that by resurrecting a commercial insurance exchange first launched in the 1980s. That initial attempt failed because it didn’t attract enough capital.

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